GoKawiil
Tech News
CBS News, now led by editor-in-chief Bari Weiss, has signed a partnership with prediction-market platform Kalshi to use its betting data in coverage of upcoming elections. The deal follows similar data arrangements CNN and CNBC have struck with prediction-market firms.
The Wall Street Journal reports that fraudsters exploited Polymarket by placing wagers with stolen debit card information, then withdrawing winnings into accounts they controlled. A payment processor working with Polymarket flagged the scheme as early as February, rejecting over 80 percent of incoming transactions as fraudulent — far above the roughly 1 percent industry norm — with attempted fraud totaling at least $10 million.
The Wall Street Journal reports that a payment processor working with Polymarket flagged widespread use of stolen debit cards to place bets on the platform starting as early as February. Fraudsters allegedly used stolen financial data to wager and then withdrew winnings through other payment channels, with the processor rejecting more than 80 percent of transactions as fraudulent, far above the roughly 1 percent industry norm.
New York Attorney General Letitia James and Governor Kathy Hochul filed suit against Polymarket, alleging the prediction-market platform operates without a required gambling license and fails to pay state taxes. The suit, filed in Manhattan under Executive Law 63(12), also claims Polymarket markets its products to users aged 18 to 20, below the state's 21-year minimum for mobile sports betting. It follows a similar lawsuit against rival platform Kalshi filed roughly two months earlier.
New York filed a lawsuit against Polymarket in state court, alleging the platform runs unlicensed gambling and asking a judge to block it from operating in the state. The state is seeking fines and restitution for users, arguing Polymarket never obtained a required gaming license. Polymarket's chief legal officer said the company will fight the claims and remain in New York.
New York's attorney general and governor announced a lawsuit against Polymarket, accusing it of running an unlicensed gambling operation disguised as a prediction market. The state claims Polymarket allows users as young as 18 to bet, violating New York's rule requiring bettors to be at least 21, and is avoiding taxes that licensed gambling operators must pay. The state is asking a court to shut down Polymarket's operations within New York.
New York Attorney General Letitia James and Governor Kathy Hochul filed a lawsuit against Polymarket's domestic arm, alleging it operates as an unlicensed gambling business and permits underage betting. The suit follows similar actions James has brought against Kalshi, Coinbase Financial Markets and Gemini Titan.
New York attorney general Letitia James filed a lawsuit against prediction market Polymarket, alleging it is operating an unlicensed gambling business in violation of state law. The suit seeks a court order barring Polymarket from operating in New York, along with fines and forfeiture of profits, and follows a similar suit against rival Kalshi filed roughly a month earlier. Polymarket's chief legal counsel Neal Kumar disputed the claims, saying the company tried to engage directly with the state before the suit was filed.
Tesla has reopened reservations for its long-delayed Roadster, requiring a $5,000 refundable deposit followed by an additional $45,000 wire transfer within 10 days. The company plans to unveil the car's pricing, specifications and production timeline at an event near Waco, Texas on October 1, having first taken $50,000 deposits for the same car back in 2017.
Polymarket has reportedly held talks with the European Commission, ESMA and the UK's FCA to be regulated under MiFID financial rules rather than gambling law. The prediction-market platform hopes this reclassification would let it reverse bans imposed by Spain and France, which currently require it to hold a gambling license to operate.
Polymarket's aggressive push for growth reportedly outpaced its fraud controls, creating vulnerabilities that bad actors were able to exploit. The prediction market platform's scaling priorities appear to have left compliance and security measures lagging behind user growth.
Prediction market Polymarket allowed a scheme involving stolen debit cards to proceed despite internal warnings, with CEO Shayne Coplan reportedly dismissing concerns raised about the fraud. The company is now moving to strengthen its executive leadership team as it positions itself for a potential public listing.